Inflation Underestimated

Kerby Anderson
Veronique de Rugy begins her column with positive economic indicators (unemployment is low, wages are up, inflation is down), but then acknowledges that “the American people are grumpy about the state of the economy.”
I love it when this brilliant woman with a prestigious doctorate in economics refers to Americans as grumpy. She points to a new study from the National Bureau of Economic Research that concludes the government underestimates the true level of inflation.
One of the authors is Larry Summers, who served as Treasury Secretary under President Clinton. He notes in a recent tweet on X that before 1983, mortgage costs were used in calculating the Consumer Price Index. Car payments were used until 1998. Now the index does not include borrowing costs. When interest payments jumped significantly last year, the index did not capture the effects.
Here’s the shocker. Larry Summers goes on to argue that if we measured inflation the way we did in the 1970s, the inflation rate that started in 2021 would have peaked at 18 percent. That is double the official reported peak of 9 percent. Put another way, we have been living through an inflation rate higher than anything Americans experienced in the 1970s and 1980s.
No wonder Americans are grumpy about the economy. The government statistics are telling them one thing, but their personal experience is telling them something very different. A recent Gallup poll found that two-thirds (63%) said the economy is getting worse. Nearly half (45%) think the economy is already poor.
Government officials and the compliant media can cite all the economic figures they want, but it appears they have underestimated the impact of inflation on the American consumer.

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Government and Social Media Companies Have Censored Americans’ Speech

Liberty Counsel filed an amicus brief and argues that the biggest threat to our First Amendment right to free speech today is the government and big companies. Constitutional expert, lawyer, author, pastor, and founder of Liberty Counsel Mat Staver highlights in 60 seconds the important topics of the day that impact life, liberty, and family. To stay informed and get involved, visit LC.org. 
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AI Bias

Kerby Anderson
Is there a leftist bias in artificial intelligence? A Washington Post tech writer has written about various research papers about the liberal bias within Open AI’s ChatGPT. Although the AI program tells users that it doesn’t have any political opinions or beliefs, it shows certain biases.
A study by the Springer Journal of Public Choice also found that ChatGPT produced responses that were in line with leftist thought. The Massachusetts Institute of Technology found that OpenAU’s models typically produce left-leaning responses.
One extensive study came from John Lott, who has been on my radio program many times in the past. His Crime Prevention Research Center asked questions of twenty AI chatbots on topics related to crime and gun control. He then ranked the answers on how liberal or conservative their responses were.
Only Elon Musk’s Grok AI chatbots gave conservative answers on crime. But even these programs gave consistently liberal answers on gun control. Bing was the least liberal chatbot on gun control. The French AI chatbot Mistral in the only one that on average was neutral in its answers.
John Lott concludes that these AI programs are very liberal in their answers on crime and gun control. But they also provide liberal answers on economic and social issues, with Google’s Gemini being the most extreme. He also notes that Musk’s Grok has moved more toward the political center, but much more needs to be done.
As I document in my recent booklet on A Biblical View on Artificial Intelligence, there are many concerns that researchers have about AI, but one that certainly needs to be addressed soon in the obvious leftwing bias in these programs.

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